The "iWatch" has been the subject of rumors about Apple for years. It started to rise in the public consciousness in 2010 when the sixth generation of the iPod Nano was released. The square design with few buttons fit perfectly in a watch band and caused some to start wondering what was possible.

This led to growing speculation that Apple should have some kind of smartwatch in the future. However, with every announcement and press event since then, nothing has been presented. Making matters worse is that companies like Google and Samsung are jumping into the market with both feet, while Apple has announced nothing.

In Apple's favor, however, is that none of the products on the market already have taken off. According to Katy Huberty of Morgan Stanley, who was interviewed by the INternational Business Times, these rumors persist because there could be big money in the smartwatch.

Huberty predicts that if it were to launch later this year, which the current rumors say it will, an iWatch priced at $300 would have a 40 to 50 percent profit margin. It would sell an estimated 30 to 60 million devices within the first 12 months. This will be driven by Apple customer loyalty, which has helped keep the iPhone and iPad as a top consumer product.

Until the product is actually seen on the wrist of CEO Tim Cook, it will remain nothing but rumor. However, when launched it could become part of BYOD system and companies that are partnered with an Apple supper service will be better equipped to incorporate it.